The area to which this contract refers covers 737 km², and is in waters bordering Venezuela, some 90 km. to the east of Trinidad. The depth of these waters varies from 300 to 750 meters, which is the greatest depth at which any exploration is being carried out in Trinidad.

Amoco, with a 70% stake, will operate the concession, whilst Repsol holds the remaining 30%, together with a 20% stake in Block S-11b in shallower waters off the the south coast of Trinidad.

Apart from exploration activities the islands, Repsol also has a 20% interest in Atlantic LNG, a company promoting and exploiting the construction of a liquified natural gas plant, with a capacity of 3 million tonnes of liquified natural gas per year, due to go on stream in 1999. This project involves an investment of around one billion dollars, and will be strategically placed to feed demand from Europe and America, for the islands are in a privileged position as far as supply sources are concerned. Enagas (owned by Grupo Gas Natural, in which Repsol holds a 45.3% stake) will acquire 40% of the gas produced by this plant for sale in Spain. The remaining 60% will be sold to Cabot LNG for sale in the north-east of the United States. Repsol�s interest in this project strengthens its upstream integration and underlines the growing importance of natural gas within the company.